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Outward Remittance Through Credit Card

FEMA - Started By: - Gurmeet Singh Rohra - Dated:- 27-10-2016 Last Replied Date:- 4-3-2017 - Hi Team,Please guide regarding statutory compliance needs to be followed in order to regularise payments already made to foreign companies / foreign individuals through credit card.Regards,GurmeetMob No.7875199229 - Reply By YAGAY AND SUN - The Reply = You may find following text useful:- RBI/FED/2015-16/4 FED Master Direction No. 8/2015-16 January 1, 2016 3.4. International Credit Cards/International De .....

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e.g. for import of books, purchase of downloadable software or import of any other item permissible under Foreign Trade Policy (FTP). iii. ICCs cannot be used on internet or otherwise for purchase of prohibited items, like lottery tickets, banned or proscribed magazines, participation in sweepstakes, payment for call-back services, etc., since no drawal of foreign exchange is permitted for such items/activities. iv. There is no aggregate monetary ceiling separately prescribed for use of ICCs thr .....

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